e-IP China has introduced a new online system to streamline the application and submission process for investment products. This initiative, launched on 29 July 2024, integrates with the Web-based INteGrated Service (WINGS) portal, aiming to enhance efficiency and accessibility for the Investment Products Division (IPD).
The new e-IP system facilitates the submission of investment product applications, post-authorisation registrations, and regulatory filings. It supports a wide range of products, including unit trusts, mutual funds, open-ended fund companies, pooled retirement funds, mandatory provident fund (MPF) products, and investment-linked assurance schemes.
During a three-month transition period, which will continue until 30 October 2024, submissions can still be made through existing methods. After this date, all submissions must be processed through the e-IP system.
Product issuers, known as e-IP Managing Companies, need to activate their e-IP Managing Company Accounts and appoint at least one e-IP Administrator. New issuers should contact the IPD to establish their accounts before making their initial submissions.
The e-IP system replaces traditional template application forms and filing forms with smart-forms, while confirmations and annexures will remain in word document format. The SFC will issue take-up and authorisation letters through e-IP. However, communication during the vetting process will still be conducted via email.
e-IP Administrators have the ability to delegate submission tasks to staff or external legal advisors at both the company and product levels, with flexibility for adjustments as needed.
In addition to cheque payments, the e-IP system offers various fee payment options and allows documents to be signed with either physical or e-signatures on PDF forms. Alternatively, unsigned documents can be submitted with online confirmations of their accuracy.
To adapt to the e-IP system, product issuers should review their internal procedures and consider how to manage delegation and access rights. e-IP China provides user guides and demo clips on the SFC website for further assistance.
As a legal advisor, we have set up an e-IP Advisory Firm Account in WINGS to assist product issuers. We have already utilised e-IP for various submissions, including new fund applications and regulatory filings, on behalf of our clients.
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